Thu, Nov. 19, 8:28 AM
- Shares of Office Depot (NASDAQ:ODP) are weak in premarket action after Best Buy reported weak sales in key electronics categories such as tablets, printers, and mobile phones.
- Electronics and business services sales at Office Depot have been under pressure this year ahead of the company's planned merger with Staples.
- Previously: Best Buy slides after holiday guidance disappoints (Nov. 19 2015)
- ODP -1.56% premarket to $6.95.
Wed, Oct. 14, 3:06 PM
- Staples (SPLS +3.6%) is exploring selling assets in order to makes its merger with Office Depot (ODP +4.4%) more palatable to regulators, sources tell Bloomberg.
- The FTC is expected to either ask for concessions from the office supply chains or file a lawsuit to block the merger.
- Both Staples and Office Depot have moved higher in afternoon trading on strong volume moves.
Fri, Sep. 25, 7:40 AM
- Staples (NASDAQ:SPLS) says it will continue to work with the European Commission in order to gain approval for its merger with Office Depot (NASDAQ:ODP).
- Earlier today, a phase II review of the deal was announced by the EC.
- Shares of ODP are down 1.36% in premarket action, while SPLS hasn't started trading yet.
- Previously: EU launches heavy probe into Staples, Office Depot tie-up (Sep. 25 2015)
Tue, Aug. 4, 8:38 AM
- Office Depot (NASDAQ:ODP) indicated the company will accelerate the pace it closes stores this year.
- 175 stores will be shuttered this year and at least 60 next year. Overall, 400 stores will be closed by the end of 2016 from the original count.
- There's a confident tone from the company on the upcoming merger with Staples (NASDAQ:SPLS) delivering the promised synergy benefits and clearing regulatory hurdles. The deal has already been approved in China and New Zealand.
- Previously: Office Depot EPS in-line, misses on revenue
- Previously: Store closures and F/X impact Office Depot in Q2
- ODP +1.3% premarket.
Wed, Jun. 24, 9:19 AM
- Staples (NASDAQ:SPLS) and Office Depot (NASDAQ:ODP) are both trading lower after the FCC won a court decision which effectively scraps a deal for Sysco to merge with US Foods.
- Analysts think the Sysco development gives the FTC a bigger stick to swing with the office store mega-merger.
- Previously: Judge blocks Sysco merger with US Foods
- Previously: Increased threat regulators block Staples-Office Depot merger
- SPSL -3.0% premarket and ODP -2.4%.
Fri, Jun. 19, 9:14 AM
- Shareholders with Office Depot (NASDAQ:ODP) approved the company's merger with Staples (NASDAQ:SPLS) by a whopping 99.5% majority.
- The office store chain combination is still slated to close this calendar year as the regulatory process works itself out.
- ODP +2.84% premarket to $9.42 and SPLS +1.98% to $16.75.
Thu, Apr. 30, 7:53 AM
- Jefferies upgrades Office Depot (NASDAQ:ODP) and Staples to a Buy rating as it sets the odds higher that the mega-merger between the retail chains will be pulled off.
- Most analysts think regulators will have a hard time cracking down on the combination due to the presence of Amazon.
- Previously: Office Depot targets end of year close for Staples merger (Feb. 24 2015)
- ODP +1.1% to $9.25 and SPLS +1.1% to $16.17.
Tue, Feb. 24, 9:38 AM
- Office Depot (NASDAQ:ODP) will not hold a conference call today to discuss earnings due to the pending merger with Staples (NASDAQ:SPLS).
- The company revealed in its Q4 report that it expects the Staples merger to close at the end of the year.
- Office Depot +0.2% and Staples +1.0% in opening trades.
- Previously: Office Depot beats by $0.03, misses on revenue (Feb. 24 2015)
- Previously: Merger synergies boost Office Depot in Q4 (Feb. 24 2015)
Tue, Feb. 24, 7:10 AM
- Office Depot (NASDAQ:ODP) reports sales in the retail division fell 7.2% to $1.539B in Q4 on a pro forma basis which takes into consideration the OfficeMax merger.
- The pro forma same-store sales comp was -2%.
- Retail operating margin +240 bps to 1.0%.
- North American Business Solutions Division sales -1% on a pro forma basis to $1.46B. Operating margin +300 bps to 4.5%.
- International sales -4% to $834M. Operating margin +40 bps to 3.5%.
- Due to the merger with Staples (NASDAQ:SPLS), guidance is withdrawn by the company, although it did say it expects total company sales to be lower in 2015.
- Merger synergy benefits of $750M per year are forecast.
- ODP +1.80% premarket.
Tue, Feb. 24, 6:54 AM
Tue, Feb. 3, 12:47 PM
Tue, Feb. 3, 10:09 AM
- Shares of Office Depot (NASDAQ:ODP) are up 19.7% and Staples (NASDAQ:SPLS) has run up an 11% gain as investors discount any concerns that regulators will get in the way of an office supply store mega-merger.
- Retail analysts think significant cost savings could be derived from a merger as the combined store count of the chains is reduced.
- Staples has over 3.8K stores, while the Office Depot/OfficeMax count is over 2K.
- Previously: Staples, Office Depot in advanced talks to combine
Tue, Feb. 3, 2:03 AM
- Facing pressure from activist investor Starboard Value, WSJ reports that Staples (NASDAQ:SPLS) and Office Depot (NASDAQ:ODP) are in advanced talks to merge.
- Regulators nixed Staples' attempt to buy Office Depot in 1997, but the FTC approved Office Depot's $976M acquisition of OfficeMax in 2013 without the need to close any stores.
- The price and structure of the proposed deal couldn’t be learned.
- SPLS +5.2%; ODP +13% premarket
Tue, Jan. 20, 1:28 PM
- Staples (SPLS -5.5%) isn't likely to pursue a plan to combine with Office Depot (ODP -4.7%), according to Financial Times.
- The company has concerns the FTC would put up stiff resistance to a merger.
- Previously: Report: Starboard pushing for Staples-Office Depot merger (Jan. 20)
Tue, Jan. 20, 10:11 AM
- Starboard Value wants Staples (SPLS -1.4%) to retain advisers to assist the company with discussions on a potential merger with Office Depot (ODP -1%).
- The hedge fund sees $2B in cost savings if a deal between the retail chains is struck.
- A letter from Starboard to Staples CEO Ronald Sargent is expected to be released later today.
- Previously: Starboard pushing for Staples-Office Depot merger
- Previously: Big moves in office supply sector after Starboard buys and raises (Dec. 11 2014)
Tue, Jan. 20, 9:15 AM
Office Depot Inc is a supplier of office products and services. It offers products including office supplies, paper, ink & tone, cleaning chemical & equipment's, monitors & equipment's, computers & tablets, office appliances, and school supplies.
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